Shiba Inu (SHIB) faced heavy losses alongside the broader crypto market, recording a 7% drop in the last 24 hours, yet it slightly outperformed Dogecoin (DOGE) in relative strength. Despite the pullback, key indicators suggest SHIB may still maintain its longer-term bullish structure.
Trading Volumes Spike as SHIB Breaks Key Levels
During the selloff, SHIB dropped from $0.000015189 to $0.000014130, driven by extreme selling pressure and record-breaking volumes. A staggering 4.33 trillion tokens were traded, marking one of the most active sessions in recent history.
The breakdown began around $0.000014776, where prices sharply declined to $0.000014035 within one hour.
Despite temporary rebounds, the price failed to reclaim the critical $0.000014200 resistance, underscoring lingering bearish momentum.
Below 200-Day SMA, But Above Ichimoku Cloud
Technically, SHIB closed below its 200-day simple moving average (SMA) — often interpreted as a warning signal for long-term trend shifts. However, it managed to stay above the Ichimoku cloud on the daily chart, a widely-followed indicator used to assess trend health.
Holding above the Ichimoku cloud suggests that the long-term structure is not yet broken.
In contrast, DOGE fell 8.5% but remained above both its 200-day SMA and the Ichimoku cloud, showing stronger technical resilience in the bigger picture.
Key Levels to Watch
- Immediate resistance: $0.000014400
- Major support: $0.000013950
- Bullish invalidation zone: A daily close below $0.000013800
SHIB must reclaim $0.000014200 to confirm any near-term recovery. Failing that, the token may retest the lower $0.000013 range.
Conclusion: Bearish Pressure, But Not Breakdown
While SHIB’s short-term price action is under stress, technical positioning above the Ichimoku cloud offers a glimmer of hope for bullish traders. Continued heavy volumes and structural support levels will be crucial to watch as the market attempts to stabilize.
If SHIB can consolidate above $0.000014000, a bounce toward $0.000014600 is possible in the days ahead.
Disclaimer
This content is for informational purposes only and does not constitute financial, investment, or legal advice. Cryptocurrency trading involves risk and may result in financial loss.